In a significant shift within the Premier League, the Friedkin Group has finalized its acquisition of Everton, marking the club as the tenth in the league under American ownership.
The completion of this acquisition sees Texas-based Friedkin Group secure a 98.8% stake in Everton, following a tumultuous period under former owner Farhad Moshiri. The deal, while financially unspecified, is reported by British media to exceed 400 million pounds ($500 million). This purchase aligns Everton with Friedkin’s diverse array of interests, including ownership in Italian club Roma.
Dan Friedkin, at the helm of the group worth $6.4 billion according to Forbes, expressed pride in adding one of England’s historical football clubs to their global portfolio. ‘Everton represents a proud legacy, and we are honored to become custodians of this great institution,’ Friedkin declared.
Everton, historically significant with nine English championship titles and a permanent presence in top-tier football since 1954, has faced challenges recently with no major trophy wins since 1995. The club, nearing the halfway mark of the season, sits precariously in 16th place among 20 teams in the league, battling to stave off relegation.
With the Premier League attracting global interest, the acquisition underscores a continued trend of American investment in English football, making up half of the league’s ownership. Other clubs under majority American control include Arsenal, Aston Villa, and Manchester United, while others like Leeds and Burnley, though recently relegated, are vying for promotion back to the Premier League.
Moshiri’s tenure, marred by financial instability and frequent managerial changes, culminated in significant financial losses and points deductions due to reckless spending. His departure comes as Everton prepares to leave Goodison Park for a new state-of-the-art stadium at Bramley-Moore Dock.
The new leadership under Friedkin aims to stabilize and rejuvenate Everton. Marc Watts, the freshly appointed executive chairman, emphasized the immediate focus on club stability and improving on-field results. The group has injected capital to ensure the completion of the new stadium, transforming much of Everton’s debt into more manageable terms, thereby strengthening the club’s financial footing.
Among the group’s outlined objectives are strategic investments to strengthen the men’s first-team squad and to enhance Everton’s global reputation. The managerial position, currently held by Sean Dyche, may come under scrutiny as Friedkin evaluates future directions for the club.
During Moshiri’s era, the club ceased its association with firms linked to Russian tycoon Alisher Usmanov, post the EU sanctions following Russia’s aggression in Ukraine, affecting the club’s financial inflow significantly. Despite these geopolitical and financial hurdles, Moshiri cited achievements such as the development of a new sporting department and stabilized finances at the club’s departure.
Fan reactions may be mixed given the Friedkins’ history with Roma, which includes unpopular management decisions. However, the group remains committed to fostering success for Everton while honoring the club’s storied legacy.
The Friedkin Group’s acquisition of Everton reflects a growing trend of American ownership within the Premier League, amidst aspirations to restore the club’s former glory. As Everton transitions under new leadership, the fans, optimistic yet cautious, anticipate a period of stability and potential resurgence.
Source: News4jax
